India has over 1.52 crore active GST registrations, with every fifth registered GST taxpayer having at least one female member and 14% of registered entities having an all-female membership. These important statistics have been obtained from a recent SBI report.
According to Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor, SBI, women’s 15% share in total income tax payers and 40% contribution to total bank deposits are clear evidence of women empowerment. In particular, women’s representation in LLP and private limited companies is high, which shows the increasing possibilities of equality in the corporate sector.
In terms of the progress of the GST regime, the gross GST collection has doubled in just five years (FY 21-25) and currently the average monthly collection is Rs 2 lakh crore. The top five states contribute to 41% of the total GST collection, and six states have collected more than Rs 1 lakh crore annually. The share of IGST in these high collection states is more than 30%.
GST, implemented in 2017, has promoted economic integration by unifying the complex system of indirect taxes. It has simplified tax compliance, reduced business costs and facilitated inter-state trade.
The analysis shows that the share of GST taxpayers is higher than their GSDP ratio in Uttar Pradesh, Bihar and Gujarat, while the ratio is lower in Telangana, Tamil Nadu, Kerala, Andhra Pradesh and Karnataka. This fact indicates that some states still have immense potential for growth under the GST regime.